On the collective bidding of futures, mainly before the trading day, market futures investors are free to quote within a specified time, and the exchange determines the opening price of intraday futures varieties according to the overall transaction of collective bidding, which is similar to the collective bidding of stocks. Another way of saying it is that market investors input the trading price according to the closing price of futures products the day before and the market forecast of the day, and generally determine the closing price of futures products according to the principle of maximum trading volume. This process is the collective competitive price in the futures market.
The time of collective bidding can be divided into two parts. Five minutes before the futures close is the collective bidding time, 1 the first four minutes. Time for investors to declare prices freely. In this case, 2. Cancellable 1 minute is the intermediary time of competitive price. Stocks that cannot be cancelled also include collective bidding and continuous bidding. Generally, futures trading is at the last 1 minute.
We introduced the trading hours of stocks in the previous article. You should know here that the trading hours of futures are different. Rules mainly include: 1. Futures trading starts at 9:00 a.m. (stock 9:30) and trades at 1 1:30 p.m. (stock 13:30).
Second, the trading hours of various varieties of futures are different at night. The collective bidding time for general night futures varieties is 20:55-20:59. And if it starts at 9: 00 the next morning, it will be a continuous transaction from the beginning, and there will be no collective bidding.
Third, futures should abide by the trading principles when competing for aggregate prices, that is, maximum trading volume, price priority, time priority and so on. In a word, offer first, then intermediary, then transaction. Second, the principle of futures continuous bidding trading is price priority and time priority. That is to say, at the same time of quotation, intermediary and transaction, the price is the same as the continuous competition of stocks here.
Generally speaking, in the market, the collective bidding time stipulated by the exchange is: commodity futures 08:55 to 08:59, stock futures 09: 10 to 09: 14, commodity futures 08:59 to 09:00 and stock futures 09: 14 to.
The principle of determining the transaction price is that the transaction price can obtain the maximum turnover.
Futures investors are good at collective price competition. They are mainly wary of 1 and make false declarations. 2. Pay attention to the five minutes from 9: 20 to 9: 25.3, and make full use of 9: 25 to 9: 30. This time period is not called collective price competition time. 4. The two time periods are 14: 57-65433.